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Dolphin Capital Investors to Sell Triopetra Project to Cypriot Entity
Tuesday 13 February 2018

13 February 2018 - BVI-based residential resort investor Dolphin Capital Investors Ltd. (LSE: DCI) has entered into an agreement for the disposal of its 100% interest in the Triopetra project to Deniage Ltd, a Cyprus entity affiliated with a large Saudi Arabian investment group, the company said.

Triopetra project is the group's development project in the southern side of Rethymno prefecture Crete.

This move is in line with Dolphin's strategy to realise value through an orderly sale of assets

The acquirer will purchase all of DCI's stake in Triopetra for a total cash consideration of EUR 4.1m (USD 5.04m), of which an amount of EUR 4m was received on signing and the remaining EUR 100,000 will be withheld until the first anniversary from the transaction to cover any potential latent project liabilities.

The disposal consideration of EUR 4.1m is equal to the DCI historic investment cost and represents a premium to the Triopetra Net Asset Value after Deferred Income Tax Liabilities included in DCI's financial statements as at 30 June 2017.
Details
Date Published: 13/02/2018
Target: Triopetra project
Country: Cyprus
Deal Size: 5.04m (USD)
Sector: Insurance
Type: Divestment
Financing: Cash
Status: Agreed
Vendor: Dolphin Capital Investors
Buyer: Deniage Ltd
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